Shriram Transport raises $500 million via offshore bonds
Mumbai: Shriram Transport Finance (STFC) –– a leading asset financing company –– has raised $500 million on Monday through offshore bonds. It received subscriptions which were double the actual size.
For the first time, the company sold such bonds where US investors, along other global peers, owned those debt securities.
The bonds were offered at 5.95% with three and a half-year maturity, about 17 basis points lower than the initial guidance.
One large US-based bond investment house is said to have invested $125 million, said a market source with the knowledge of the matter.
It obtained subscriptions of more than $1 billion.
On April 4, ET had reported that the company was planning to make its maiden issue within a weeks time.
Nearly two months ago, Shriram Transport had raised $400 million through three-year bonds from the international bond markets.Read More – Source